Shake Shack Is Experimenting with Bitcoin
Customers who use the Cash App to purchase items from Shake Shack can receive 15 percent cashback on those purchases in the form of BTC, the world’s number one digital currency by market cap. Those interested can seek promotions in Cash App under the Cash Boost program and the Cash Card tab. The bitcoin rewards promotion is occurring through mid-March.
The goal is to see if customers will be into bitcoin and see if the crypto market has a place in the restaurant business. Shake Shack is particularly driving the program towards millennials and members of Generation Z. The restaurant chain is confident that younger age groups are privier to bitcoin and would be more intrigued by the idea of earning crypto-based rewards.
Jay Livingston – the chief marketing officer of Shake Shack – explained in an interview that customers haven’t necessarily communicated to management that they are eager to pay with crypto. Rather, this is an initiative the restaurant is putting in place.
Shake Shack is aware that crypto was initially designed to serve as a payment method, but that its volatility has ultimately gotten in the way. That’s why the program is only available through the midway point of the month. Livingston says this is something of an experiment. If it’s successful, the company might just begin accepting digital assets for burgers, fries, and other food items in the future. He stated:
You’re always trying to place your bets on those things that truly will be meaningful and not waste resources on the ones that won’t.
He also commented that he believes partnering with the Cash App is going to make the program even stronger. He is confident that if this was something Shake Shack tried to do on its own, solid results would not be produced, but that the knowledge and popularity of the Cash App is likely to drive a lot more business and attract a lot more people. He said:
If we just started taking crypto right now at our kiosk, it would have very low adoption, but through something like Cash App, who’s been promoting it, you will get some more people that want it and that also want to learn.
Crypto Trading Just Keeps Getting Bigger
Crypto trading has exploded in the last two years. Coinbase Global, for example, saw more than $1.14 trillion in crypto trades occur on its platform in 2021. Compare that to the “measly” $120 billion in trades which took place in 2020.
Furthermore, roughly 62 percent of crypto holders purchased more units and increased their stashes over the past 12 months.